The U.S. Economic Development Administration (EDA) has awarded CARES Act funds to St. Louis Development Corporation (SLDC) to make loans to businesses that have been negatively affected by COVID-19 or that are providing goods or services addressing problems caused by the pandemic.
Eligibility and Loan Terms
The EDA loans are for for-profit businesses located in the City of St. Louis. Businesses must be current on all taxes and business license requirements. For every $35,000 borrowed, the business must have created or retained one job. Loans are subject to credit approval. There is a $100 non-refundable application fee, a 1% origination fee, and potential closing costs.
Loan amounts range from $10,000 to $300,000 with interest rates starting at just 2%. The length of the loan ranges from three to seven years depending on what the funds are used for. Loans can be used as working capital or for inventory, equipment, or real estate. The funds cannot be used for refinancing existing debt or construction and rehab costs.
How to Apply for the St. Louis EDA Loan Program
To apply, download the application here. Submit your completed application and $100 application fee (payable to St. Louis Local Development Company) at:
St. Louis Development Corporation
Attention: Mr. Chris Maguire
1520 Market Street, Suite 2000
St. Louis, MO 63103
Upon submitting your application, you will work with a loan officer on the credit approval process and documentation review. If your loan is approved, funds will be disbursed as quickly as possible. There is no deadline to apply, but there is limited funding and applicants will be awarded funds on a first-come first-served basis, so make sure to apply as soon as possible.
More Business Resources
Dutchtown Main Streets aims to provide resources and information to our neighborhood business owners to help maintain a strong, thriving business community in Dutchtown. You can find more business resources at dutchtownstl.org/business.